Regulation, Ownership and Liquidity on the Serbian Stockmarket
Author: Petr Zemčík Lidija Seskar
Publisher: Jefferson Institute, Belgrade, Serbia
Stevana Sremca 4
11 000 Belgrade
Serbia
Tel: +381 11 303 3456
Fax: +381 11 334 5350
http://www.jeffersoninst.org
The Serbian financial markets have not been studied as thoroughly as other emerging European markets. To our knowledge the only exception to this is our report on the Serbian bond market (see Jefferson Institute 2005) followed by a research paper by Hanousek, Kočenda, and Zemčík (2007). This study focuses mainly on the market for stocks. Serbian financial markets and a corporate sector are still in formation.
The Securities Law was only introduced in 2004. It established a securities commission and a central depository and share registry. In the same year, the Company Law and the Privatization Law were substantially revised and amended and the National Bank of Serbia decided to improve the quality of its major corporate shareholders. However, a report by the European Bank for Reconstruction and Development (2004) assigned a rating of 2 to Serbia (the maximum is 4+) which is low compared with the Czech Republic or Poland (both 3+). The present report analyzes the legal framework in Serbia, the ownership structure, and liquidity. The parts of the legal system relevant to securities’ trading are examined from both the perspective of the written law as well as from the perspective of its actual implementation.
Serbian stockmarket.pdf (2.60 MB)
